Wednesday, 10 May 2017

CCI approves Dish TV-Videocon merger

CCI approves Dish TV-Videocon merger

Zee Group's direct-to-home (DTH) service arm Dish TV has got clearance(अनुमति) from the Competition Commission of India (CCI) for its proposed merger(विलयन) with Videocon Group's DTH arm Videocon d2h."The CCI has intimated(सूचित) the company that it in its meeting held on May 4, 2017, considered the proposed combination and has accorded its approval to the said combination," the company said in a statement. It has already received approval from the Securities and Exchange Board of India (Sebi), the National Stock Exchange (NSE) and the BSE for the merger. Dish TV, as per directions of the National Company Law Tribunal (NCLT), has convened (बुलाई) shareholders' meeting on May 12 to secure their approval, it added. It has an active subscriber base of 15.5 million while that of Videocon d2h stands at around 12.2 million. The DTH industry as a whole has around 62 million active subscribers. The merged entity will be renamed as Dish TV Videocon Ltd. In November, the boards of Dish TV and Videocon d2h had approved the scheme of amalgamation(मिश्रण) in consideration for new stock issuance by Dish TV to the shareholders of Videocon d2h.

Competition Commission of India (CCI)

Competition Commission of India is a body of the Government of India responsible for enforcing The Competition Act, 2002 throughout India and to prevent activities that have an appreciable adverse effect on competition in India.